Digital Currency Group has reached an in-principle agreement with creditors of its cryptocurrency lending subsidiary, Genesis.
Digital Currency Group , a major venture capital firm in the cryptocurrency industry, has reached an agreement in principle with creditors of its crypto lending subsidiary, Genesis.to a court filing published on Aug. 29, the estimated United States dollar equivalent recoveries could amount to 70%–90% for unsecured creditors, should the amended plan be approved.
The amended plan could result in 65%–90% recovery on an in-kind basis, depending on the denomination of the digital asset, the filing notes.To satisfy its existing liabilities to debtors — including $630 million in unsecured loans due in May 2023 and $1.1 billion under an unsecured promissory note due in 2032 — DCG would also enter into the new debt facilities and the partial repayment agreement. The debts include a $328.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DCG reaches agreement with Genesis creditors to deliver recoveries of up to 90%Genesis’ Tuesday bankruptcy filing showed that its parent company Digital Currency Group has reached an in-principal deal with its creditors.
Read more »
What Happened To Jon & Rachel Walters After 90 Day Fiancé: Before The 90 Days Season 2?Are 90 Day Fiancé's Jon and Rachel still together?
Read more »
90 Day Fiancé: Before The 90 Days - The Real Reason David Fell In Love With Sheila90 Day Fiancé’s David keeps falling for Sheila.
Read more »
DCG Reaches in Principle Deal With Genesis Creditors, Estimates Recoveries of 70%-90%The plan could result in the recoveries of 70% to 90% in USD equivalent for unsecured creditors and 65% to 90% recovery on an in-kind basis.
Read more »
90 Day Fiancé’s Riley Allegedly Threatens To “Expose” All Of Violet’s “Lies”90 Day Fiancé’s Riley calls Violet a liar.
Read more »